WGU D551 FRAUD AND FORENSIC ACCOUNTING PRE ASSESSMENT LATEST 2025 COMPLETE REAL QUESTIONS AND CORRECT VERIFIED SOLUTIONS

WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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• What does accounting focus on(answer) The impact a business's activitiesh
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ave on its overall financial performance
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• Which report summarizes cash collections and cash expenditures from
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boperating, investing, and financing activities over a
period oftime(answer) State- ment of cash flows
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• Which users would have a primary concern with an organization's abilityto
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provide healthcare benefits(answer) Employees
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• Which body regulates a certified public accounting firm's audit practices w
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hen the firm is auditing a large publicly traded company(answer) ThePubl
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ic Com- pany Accounting Oversight Board (PCAOB)
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• What has had the most significant impact on
accountingpractices(answer) Infor- mation technology b b b b




• What two items of information are revealed on the balance sheet?
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Choose 2 answers: Ownership.b b b b


Debt

• Which term is defined as the residual interest in the net assets of aco
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mpany(answer) Owners' equity b b




• A corporation has total liabilities of $300 million, total owners' equity of
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WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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,WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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$100 million, and current assets of $50 million.
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What is the value of the firm's long-term assets(answer) $350 million
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• Which situation should result in revenue recognition on the income state-
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ment for the year ending 12/31/14 if the firm is using accrual-basis account-
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ing(answer) In 2014, a company provides services to a customer for which cashwill
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bbe collected the next year (2015).
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• Which category on the statement of cash flows summarizes cash receiptsa
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nd payments to owners and creditors of the company(answer) Cash flows from
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inancing activities b




• Where would an investor find a summary of a company's significanta
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ccounting policies(answer) In the notes to financial statements
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• Which assurance does an external audit report provide for its readers?-
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: The company's financial statements fairly reflect its financial position
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• Reliable: Information that can be verified b b b b b




WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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,WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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• Relevant: Information having to do with the matter at hand b b b b b b b b b




• Material: Information that is important enough to make a difference
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• Conservatism: Information related to recognizing losses as they occur b b b b b b b b




• steps in the decision cycle: 1 Prepare financial statements.2
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Analyze financial statements. b b


3 Gather information. b


4 Make decision. b


5 Implement decision b




• Partial financial information for a company is as follows:C
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urrent assets $36,543 b b


Total assets $58,719 Curr
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ent liabilities $24,824Tota
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l liabilities $48,561
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Stockholders' equity $10,158 b b b


Sales $46,997 b


Net Income $ 3,761
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Market value of shares $41,316
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What is the price-earnings (PE) ratio for this company(answer) 11.0
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• What is consistent with a continual decline in gross profit if the firm'sc
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ost of goods sold remains the same(answer) Continual decrease in sales
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• Which two cash flow adequacy ratios represent a cash cow(answer) -
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$6,991/$5,486. $5,220/$1,875. b




WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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, WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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• Which formula yields a cash times interest earned ratio of 11(answer)
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Cash before interest and taxes of $11,000 / cash paid for interestof $1,000
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• Which form of debt should be reported in the long-term liability catego-
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ry(answer) Notes payable expected to be paid in 18 months
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• In January of year 1, a company began doing business as a corporationin
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order to sell technology-
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related accessories and services. During its firstmonth of operations, the foll
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owing events occurred: b b


January 1 b


The corporation received $1,000,000 in cash in exchange for stock issued tost
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ockholders.

January 3 b


The corporation borrowed $250,000 from bank. The loan is a four-year loan
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with an interest rate of 12 percent, payable each year on January 1 beginningin
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ear 2. b




January 5 b


The corporation purchased equipment to be used in the business for
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$200,000 cash. b




January 8 b


The corporation purchased inventory costing $200,000 by paying $120,000in
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cash. The remainder was put on credit accounts with suppliers.
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January 15 b


The corporation hired five employees. Each employee will be paid $1,000 atth
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e end of each month.
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January 30 b


The corporation paid $6,000 cash for a one-
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WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Ques
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ions and Answers (2022/2023) Verified
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